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Friday, 21 November 2014

MCX Dec Silver futures opened 400 points gap down in
yesterday’s sessions, there after traded in a narrow range with a negative bias. However,
today’soutlook remains neutral and further fall is expecting on break of 35650
levels. Downside support seems to be at 34770 levels.

Tuesday, 18 November 2014

Base MetalsBase metals pack on the LME traded on a mixed note yesterday as news that Japan's economy had slipped into recession weighed on prices. Also, strength in the DX along with weak market sentiments acted as negative factors. Further, output at factories, mines and utilities in the U.S., the second-biggest consumer, fell 0.1 percent in October.CopperLME copper prices fell by 0.1 percent yesterday as Japan’s slump into its fourth recession since 2008 threatening the failure of the Abenomics reflation program, raised demand concerns for the red metal. Also, unfavorable industrial data from the US exerted downside pressure on prices. However, expectations of supply deficit coupled with decline in LME stocks cushioned sharp downside. On the MCX, red metal prices declined 0.1 percent and closed at Rs.415.1/kg on Monday.www.marketmagnify.comPh: 0731-6619100

GoldOn Monday, spot gold prices declined by 0.14 percent to $1186.2 /oz on reports that Japan had slipped in to recession which led to strength in the dollar index in turn dragging gold prices. The dollar surged to a seven-year peak against the yen after data showed Japan's gross domestic product (GDP) shrank by an annualized 1.6 percent in July-September, after plunging 7.3 percent in the second quarter.On the MCX, gold prices declined by 0.51 percent to close at Rs.26330/10 gms.SilverSpot silver prices declined by 1 percent to close at $16.1/oz on Monday in tandem with fall in gold prices. Strength in the dollar and waning interest by the speculators is dragging prices down further. On the MCX, silver prices declined by around 1.12 percent and closed at Rs.35629/kg.